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					              Stan Ross Department of Accountancy
                Baruch College, The City University of new York

                             Intermediate Accounting (ACC9804)

Course Title:                Intermediate Accounting
Course Number:               ACC9804
Name of Instructor:          Professor Aloke (Al) Ghosh
Department:                  Stan Ross Department of Accountancy
Phone:                       646.312.3184
Office:                      Room B12-262, Vertical Campus
E-Mail:                      Aloke.Ghosh@baruch.cuny.edu
Office hours:                Monday and Wednesday 2-2.45P and 4.45-5.30P
                             Other days by appointment

Course Description

       This course provides a detailed understanding and critical evaluation of alternative
accounting concepts and practices and their effect on financial statements. Consideration is
given to currently accepted and proposed concepts and practices in the United States. This
course provides many of the technical tools as well as the ethical and general background
necessary for successful careers as preparers or users of financial accounting information, by
enhancing the students' ability to understand the environment and broad implications of
accounting concepts and practices. One key objective is to prepare students for the CPA
examination.

        Topics covered in this course include revenue and expense recognition, inventories,
plant assets, depreciation and depletion, bonds, troubled debt restructurings, leases, pension,
deferred income taxes, stock-based compensation, stockholders' equity, accounting changes
and error analysis, and financial statements. The course presupposes mastery of the subject
matter in introductory financial accounting.

Course Materials and Resources

       Intermediate Accounting
              Spiceland, Sepe, Nelson, and Tomassini; McGraw Hill (Fifth Edition)
              Including Homework Manager
       Access to contemporary developments
              Newspapers
                   Wall Street Journal: http://www.collegejournal.com/
                   Financial Accounting Standards Board: http://www.fasb.org
                   Securities and Exchange Commission: http://www.sec.gov

Mission
       The Department’s master's programs seek to expand the knowledge and skills that
students bring from undergraduate courses and the workplace. The MS in Accountancy is
designed for students with undergraduate degrees in business, including Accountancy. It


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provides advanced coursework in preparation for financial and accounting positions in diverse
areas. The MBA in Accountancy appeals, generally, to students with either non-business
degrees or business degrees in fields other than Accountancy. This program seeks to provide
students with both a broad business base and the accounting and managerial tools necessary
to function effectively as accountants and manage others in public accounting, private industry,
and not-for-profit organizations. Both the MS and MBA programs in Accountancy meet New
York State’s 150/120 hour educational requirements for sitting for the CPA exam.
       The mission of the Stan Ross Department of Accountancy is to help students obtain both
the technical tools and necessary background for successful careers in accounting. In addition,
students should be prepared to build upon this knowledge to advance to positions of higher
responsibility. The overall goal is to continue the tradition of Baruch’s accounting graduates as
leaders in business, not-for-profit organizations, and government.

Grading

          Mid-term (I and II)                                50%
          Final (comprehensive)                              35%
          Class participation, attendance                     5%
          Homework assignments**                             10%
          Total                                              100%

          **There will be two types of homework assignments
                    HW Manager (with time limits and one attempt)
                    Regular HW problems assigned from the end of the chapter

Illness

       No make-up exams are given. With an acceptable excuse, such as a signed letter from
the physician, the instructor may elect to substitute the final exam grade for the grade of the
missed exam. Otherwise, a grade of zero will be assigned.

Academic Honesty

      The Stan Ross Department of Accountancy fully supports Baruch College's policy on
Academic Honesty, which states, in part:

"Academic dishonesty is unacceptable and will not be tolerated. Cheating, forgery, plagiarism
and collusion in dishonest acts undermine the college's educational mission and the students'
personal and intellectual growth. Baruch students are expected to bear individual responsibility
for their work, to learn the rules and definitions that underlie the practice of academic integrity,
and to uphold its ideals. Ignorance of the rules is not an acceptable excuse for disobeying them.
Any student who attempts to compromise or devalue the academic process will be sanctioned. "

       Academic sanctions in this class will be an F in this course. A report of suspected
academic dishonesty will be sent to the Office of the Dean of Students. Additional information
and definitions can be found at

          http://www.baruch.cuny.edu/academic/academic_honesty.html .

Class Format


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     Classes are lecture-discussion sessions to understand the conceptual basis of complex
     and advanced accounting topics. Students are expected to read the material before
     coming to class. During each class session, solutions are also considered for most, but
     not necessarily all, assigned questions and problems. These solutions serve as the basis
     for the lecture and/or class discussion of the conceptual issues revolving accounting
     topics included in this course.

     Students are required register their e-mail addresses on Baruch College's Electronic
     Blackboard, and to monitor Blackboard every day for announcements, assignments, and
     messages about this course. The reading and homework assignments should be
     completed by the date indicated on the tentative outline, unless a contrary announcement
     is made in class, via Blackboard, or e-mail.

Professionalism

     Class participation entails contributing to the learning experience in a positive way. It
     includes your ability to ask thoughtful questions and your ability to answer my questions.
     Professionalism consists of class participation, attendance, being on time for class, not
     talking out of turn, respect for others, and other social conduct consistent with your
     aspirations to become a professional member of the business community.

     Chronic lateness and cell phone calls distract your classmates and the instructor and
     therefore entail heavy penalties. A seating chart will be developed during the second week
     of class. You are expected to sit in your assigned seat. Also, I will give you a large-type
     name card. Bring it to class everyday.

Contemporary Topics

      We will discuss contemporary topics whenever time permits. The class is encouraged to
      read the financial newspapers regularly.

Other Learning Opportunities

      The class is encouraged to attend School’s various guest lecturer series and
      presentations by the Center for Financial Integrity. Particularly appropriate events are
      posted on bulletin boards and will be announced in class.

Course Preparation

      (a) Read the textbook before class. The material covered in ACC9804 is sufficiently
          complicated. Therefore, if you are exposed to the material for the first time in class,
          you will probably have difficulty absorbing the new material.

      (b) Always refer to the PowerPoint presentations before class.

      (c) Work the assigned problems before looking at the solutions as if you were taking an
          examination. Solutions to most problems are provided after we cover the chapter.
          Solving problem without looking at the solutions is a good way to determine that you
          have grasped the material.




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(d) It is impossible to absorb the material covered in this course in a few intense study
    sessions prior to the exam. You have to pace yourself in this course; the trick is to be
    diligent and spend about 10-15 hour per week reading and solving problems.




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         Spiceland, Sepe, nelson, and Tomassini (ACC9804)

------------ HW Manager Quiz 1 (Chapter 2) due 3P February 1, 2010 ----------------------------------

(1)      February 1     Chapter 2
         Journal Entries, Understanding Accruals and Deferrals, Adjusting Entries
              Relevant pages: 52-74, and 87-91
              Suggested Exercises: 2, 4, 8, 9, 14, 15, 16, 17, 19, 20
              Suggested Problems: 3, 7, 8, 9, 12

(2)      February 3    Chapters 3 and 4
         Income Statement
              Relevant pages: 167-189 (only income statement)
              Suggested Problems: 1, 2, 3, 4, 5, 7, 8, 9,
         Balance Sheet
              Relevant pages: 112-128
              Suggested Problems: 2, 3, 4, 5, 6, 7, 8, 9, 10

(3)      February 8  Chapter 5
         Income Measurement

(4)      February 10 Chapter 5
         Income Measurement
              Relevant pages: 228-255
              Suggested Exercises: 3, 5, 8, 9, 10, 11, 12, 13, 15, 16, 17
              Suggested Problems: 1-9

---------- February 15 --------------------------- Presidents’ Day --------------------------------------------------

(5)      February 17 Chapter 7
         Cash and Receivable
              Relevant pages: 332-350
              Suggested Exercises: 7, 8, 9, 10, 14, 15, 16, 17, 19
              Suggested Problems: 1-10

(6)      February 18 Chapter 8 (Monday schedule)
         Accounting for Inventory
              Relevant pages: 375-403
              Suggested Exercises: 4, 5, 6, 7, 8, 9, 10, 14, 16, 17, 19, 20
              Suggested Problems: 1-15

------------ HW Manager Quiz 2 (Chapters 3-8) due 12A February 20, 2010 -----------------------

(7)      February 22 Chapter 9
         Accounting for Inventory
              Relevant pages: 425-453
              Suggested Exercises: 4, 5, 7, 8, 9, 10, 11, 12, 14, 16, 17, 20, 23, 26
              Suggested Problems: 1-13, 15




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(8)    February 24 Chapter 10
       Accounting for Operational Assets
            Relevant pages: 477-511
            Suggested Exercises: 1, 3, 5, 7, 14, 15, 16, 17, 18, 20, 21, 22, 27
            Suggested Problems: 1-12

(9)    March 1        Chapter 11
       Accounting for Operational Assets
           Relevant pages: 533-566
           Suggested Exercises: 2, 3, 6,11, 12, 14, 16, 17, 18, 19, 21, 23, 25
           Suggested Problems: 4, 8, 9, 11, 12, 13

             Key topics
               Different depreciation methods
               Amortization of intangibles
               Partial periods, changes in estimates, error correction
               Impairments of goodwill, tangible and intangible assets


(10)   March 3 ----------------------------------- Mid-term I ------------------------------------------------------

(11)   March 8        Chapter 12
       Accounting for Investments

(12)   March 10       Chapter 12
       Accounting for Investments
           Relevant pages: 587-626
           Suggested Exercises: 2, 4, 6, 9, 10, 11, 14, 16, 17, 18, 21, 22, 24
           Suggested Problems: 4, 5, 7, 8, 9, 10, 12

             Key topics
               Marketable securities (TS and AFS)
               Held to maturity
               Equity method
               Fair value and equity method
               Investments in life insurance

(13)   March 15       Chapter 14
       Accounting for Bonds and Long-term Notes

(14)   March 17       Chapter 14
       Accounting for Bonds and Long-term Notes
           Relevant pages: 703-738
           Suggested Exercises: 9, 11, 13, 16, 18, 20, 21, 23, 24, 28, 29
           Suggested Problems: 5, 8, 10, 14, 17, 19, 22, 23

             Key topics
               Bonds (effective interest method, discount, premium)
               Bonds and fair value option


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                      Early extinguishment of debt
                      Convertible bonds
                      Troubles debt restructuring

(15)     March 22       Chapter 15
         Accounting for Accounting for Leases

(16)     March 24       Chapter 15
         Accounting for Accounting for Leases

---------- March 29 ------------------------------- Spring Break -----------------------------------------------------
---------- March 31 ------------------------------- Spring Break -----------------------------------------------------
---------- April 5 ----------------------------------- Spring Break -----------------------------------------------------

(17)     April 7        Chapter 15
         Accounting for Leases
               Relevant pages: 760-797
               Suggested Exercises: 7, 8, 9, 11, 13, 14, 16, 17, 19, 21, 22, 23
               Suggested Problems: 1, 3, 8, 9, 10, 12, 15, 16, 18, 20

                Key topics
                  Operating leases
                  Direct financing and sales type leasing
                  Guaranteed and unguaranteed value
                  Residual value
                  BPO option,
                  Sale-leaseback

                            Chapter 16
                            Accounting for Income Taxes

(18)     April 12       Chapter 16
         Accounting for Income Taxes

(19)     April 14       Chapter 16
         Accounting for Income Taxes
               Relevant pages: 821-855
               Suggested Exercises: 8, 11, 13, 14, 17, 19, 20, 23, 26
               Suggested Problems: 1, 3, 8, 10, 11, 13

                Key topics
                  Temporary versus permanent differences
                  DTL and DTA
                  Valuation allowance
                  Carryback and carryforwards
                  Balance sheet presentation
                  Uncertainty in income taxes

(20)     April 19       Chapter 17
         Accounting for Pensions


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---------- April 20 ------------------------------- Last Date to Drop with a ‘W’ ------------------------------------

(21)     April 21 ----------------------------------- Mid-term II ------------------------------------------------------

(22)     April 26       Chapter 17
         Accounting for Pensions

(23)     April 28       Chapter 17
         Accounting for Pensions
               Relevant pages: 881-915
               Suggested Exercises: 11, 12, 13, 15, 17, 18, 19, 29
               Suggested Problems: 3, 4, 7, 8, 11, 12, 13
            Key topics
                  Pension obligations and assets
                  Pension expense
                  Reporting issues
                  Allocating prior service cost
                  Skip Part E (very similar to pensions)

(24)     May 3         Chapter 18
         Stockholders’ Equity
              Suggested Exercises: 3, 4, 7, 8, 23, 24,
              Suggested Problems: 1, 2, 3, 4, 5,
            Key topics
                Comprehensive income
                Treasury and retired shares
                Retained earnings
                How to prepare a Stockholders’ equity
                Quasi reorganization

(25)     May 5         Chapter 19
         Share-based Compensation
              Relevant pages: 1001-1038
              Suggested Exercises: 6-8, 14-17, 20, 23, 24
              Suggested Problems: 1-16
            Key topics
                Accounting for options, restricted stock and stock appreciation rights
                Skip Part B (covered in 9805)

(26)     May 10        Chapter 20
         Accounting Changes and Error Corrections
              Relevant pages: 1061-1083
              Suggested Exercises: 6, 7, 9, 13, 14, 15, 16, 17, 20
              Suggested Problems: 2, 3, 5, 8, 10, 12, 13
            Key topics
                Changes in accounting principle, retrospective versus prospective methods
                Changes in accounting estimates
                Error correction (prior period adjustments)



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(27)     May 12             Appendix A
         Derivatives

(28)     May 17        Appendix A
         Derivatives
                Suggested Exercises: 2, 3, 4, 5
                Suggested Problems: 1, 2
            Key topics
                 Interest rate swaps
                 Fair value hedge and cash flow hedge
                 Disclosures of derivatives and risk

---------- TBA ------------------------------------------- Final ----------------------------------------------------------


Notes:
 Don’t worry about ratio analysis in any chapter

         o        Ratio analysis is useful for financial statement analysis

   Chapters not included                    Reasons for exclusion

         o        Chapters 1 & 2             Conceptual framework, journal entries covered in ACC9112
         o        Chapter 6                  Time value of money, covered in ACC9110/ACC9112
         o        Appendix                   Derivatives, covered in ACC9805




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